GSCM 311 MIDTERM EXAM QUESTIONS
WITH VERIFIED ANSWERS
\.Which of the following are seen as unethical in many western cultures but are
not seen as unethical in other cultures?
Freely Sharing Intellectual Property
Bribery
Caste systems
Child Labor
All of the Other Options - ANSWERS✔-All of the Other Options
\.The "Bretton Woods System" has been the foundation of ...
Economics laws since 2005
Regional trade since 1956
World trade since 1944
Tax systems since 1935 - ANSWERS✔-World trade since 1944
\.According to Milton Friedman what will result in prosperity for North America?
Insource All Steel Production to the U.S.
Use Local Infrastructure to Exclusively Trade Within North America
Open Our Boundaries
Increase Tariffs on Chinese Goo - ANSWERS✔-Open Our Boundaries
, \.The _____________ is probably the most famous of these trading blocs, where
non-tariff barriers to trade have been collectively removed by member nations.
The _____________ now has 27 members and was originally inspired by a small
open borders trading union between Belgium, The Netherlands, and Luxembourg.
(The two blanks are the same word). - ANSWERS✔-European Union
\.According to the reading, free trade is beneficial to all countries because each
can gain if it specializes according to this economic principle:
Scarcity of Goods
Tragedy of Commons
Comparative Advantage
Pareto Efficient Production - ANSWERS✔-Comparative Advantage
\.Choose the title that matches this definition.
"A country should specialize in producing and exporting only those goods and
services which it can produce more efficiently (at lower opportunity cost) than
other goods and services (which it should import)."
Absolute Advantage
Comparative Advantage
Competitive Advantage
Mercantilism - ANSWERS✔-Comparative Advantage
\.The number of jobs needed to produce manufactured goods has been increasing
for many decades as robots and better manufacturing methods have replaced
more labor-intensive operations. - ANSWERS✔-False
WITH VERIFIED ANSWERS
\.Which of the following are seen as unethical in many western cultures but are
not seen as unethical in other cultures?
Freely Sharing Intellectual Property
Bribery
Caste systems
Child Labor
All of the Other Options - ANSWERS✔-All of the Other Options
\.The "Bretton Woods System" has been the foundation of ...
Economics laws since 2005
Regional trade since 1956
World trade since 1944
Tax systems since 1935 - ANSWERS✔-World trade since 1944
\.According to Milton Friedman what will result in prosperity for North America?
Insource All Steel Production to the U.S.
Use Local Infrastructure to Exclusively Trade Within North America
Open Our Boundaries
Increase Tariffs on Chinese Goo - ANSWERS✔-Open Our Boundaries
, \.The _____________ is probably the most famous of these trading blocs, where
non-tariff barriers to trade have been collectively removed by member nations.
The _____________ now has 27 members and was originally inspired by a small
open borders trading union between Belgium, The Netherlands, and Luxembourg.
(The two blanks are the same word). - ANSWERS✔-European Union
\.According to the reading, free trade is beneficial to all countries because each
can gain if it specializes according to this economic principle:
Scarcity of Goods
Tragedy of Commons
Comparative Advantage
Pareto Efficient Production - ANSWERS✔-Comparative Advantage
\.Choose the title that matches this definition.
"A country should specialize in producing and exporting only those goods and
services which it can produce more efficiently (at lower opportunity cost) than
other goods and services (which it should import)."
Absolute Advantage
Comparative Advantage
Competitive Advantage
Mercantilism - ANSWERS✔-Comparative Advantage
\.The number of jobs needed to produce manufactured goods has been increasing
for many decades as robots and better manufacturing methods have replaced
more labor-intensive operations. - ANSWERS✔-False
